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The Feasibility of Cuban Market Economy: A Comparison with Vietnam

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  • Yamaoka, Kanako

Abstract

In spite of the difficulties incurred by its people, Cuba has maintained a centrallyplanned economy with single party system. On the contrary, Vietnam hasintroduced a market economy under communist rule, and succeeded in generallyimproving living standards. The factors that contributed to the introduction ofVietnamese-style reforms are (1) severe economic crisis, (2) demonstration effectsfrom neighboring countries, (3) poor social policy, (4) initiatives by ex-conservativeleader/s, and (5) weak state capacity. The conditions to sustain high economicgrowth are (1) social sectors familiar with capitalist economics, (2) abundant laborforces with relatively low labor cost, and (3) investment by exiles. This paperanalyzes to what extent Cuba meets these conditions.

Suggested Citation

  • Yamaoka, Kanako, 2009. "The Feasibility of Cuban Market Economy: A Comparison with Vietnam," IDE Discussion Papers 189, Institute of Developing Economies, Japan External Trade Organization(JETRO).
    • Handle: RePEc:jet:dpaper:dpaper189
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    File URL: https://ir.ide.go.jp/?action=repository_action_common_download&item_id=37978&item_no=1&attribute_id=22&file_no=1
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    Cited by:

    1. Mediel Hove & Enock Ndawana & Munetsi Anthony Nhemachena, 2020. "How Cuba Survived Sanctions and the Lessons for Zimbabwe," Jadavpur Journal of International Relations, , vol. 24(2), pages 172-195, December.

    More about this item

    Keywords

    Cuba; Vietnam; Transition to market economy; Economic policy; Socialism; Economic crisis; Social policy; Economic reform; State capacity; governance; development strategy;
    All these keywords.

    JEL classification:

    • P21 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Planning, Coordination, and Reform
    • P30 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - General

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